JUNE 20, 2017 03:07 PM (EDT)
A.M. Best Revises Issuer Credit Rating Outlook to Positive for Members of Church Mutual Insurance Group
|Maurice Thomas |
Senior Financial Analyst
+1 908 439 2200, ext. 5794
+1 908 439 2200, ext. 5432
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 20, 2017 03:07 PM (EDT)
A.M. Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” of Church Mutual Insurance Company (Merrill, WI ) and its subsidiaries, CM Vantage Specialty Insurance Company (CM Vantage) (Merrill, WI ) and CM Regent Insurance Company (CM Regent) (Mechanicsburg, PA), collectively referred to as Church Mutual Insurance Group (Church). The outlook for the FSR remains stable.
The revised Long-Term ICR outlook reflects Church’s strong risk-adjusted capitalization, management’s extensive knowledge of its specialty niche market and strong brand recognition within the religious community. The outlook further reflects the group’s consistent underwriting and operating results in recent years, derived from its customer-focused market strategy and developed enterprise risk management capabilities that have strengthened the capital position. In addition, Church has expanded its business profile as reflected by the successful launch of CM Vantage and acquisition/integration of CM Regent.
These positive rating factors are partially offset by the group’s exposure to weather-related events, above average common stock leverage and inherent challenges associated with operating in its specialty niche market of insuring religious and religious-affiliated organizations. Prospectively, A.M. Best anticipates continued favorable operating results based on management’s strategic initiatives that will continue to diversify its business risk profile and expand its product suite.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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